The CEO of Hong Kong-based crypto exchange HashKey, Xiao Feng, believes that Donald Trump’s victory in the U.S. elections could prompt China to reconsider its crypto ban. According to Feng, a Republican win might encourage China to adopt a new approach to digital assets.
Trump’s Victory Sparks Momentum in the Crypto Market
Following Trump’s U.S. election win, the American crypto market has seen a significant surge, creating a positive outlook among global investors. Feng suggests that similar enthusiasm could resonate in China, especially if the U.S. clarifies its stance on crypto and strengthens industry support. A shift in the U.S. crypto policy could inspire China, which banned crypto transactions in 2021, to adjust its stance and align with an evolving international regulatory framework.
Global Crypto Market Surges Amid Election Aftermath
In the wake of the U.S. elections, Bitcoin soared to $93,000, and altcoins have also experienced notable gains. According to a report by Dey There, the global crypto market cap has surpassed $3 trillion during this period, fueled by both Trump’s influence and the rising interest of institutional investors.
China’s government has introduced economic stimulus packages, including increased debt issuance and subsidies for low-income citizens, which has also positively impacted the crypto market and contributed to market growth.
Could China Reconsider Its Crypto Stance?
This increase in crypto activity across Asia has reignited discussions about the possibility of China easing its crypto ban. A revised approach to digital assets by China could create new investment opportunities across Asia, signaling potential growth in the digital asset market.
For more updates on international crypto trends, follow Dey There.
HashKey, crypto ban, China, Trump, global crypto
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